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RELIANCE ACQUIRES MAJORITY EQUITY STAKE IN SKYTRAN INC.

RELIANCE ACQUIRES MAJORITY EQUITY STAKE IN SKYTRAIN INC.

 

Mumbai, 28th February 2021: Reliance Strategic Business Ventures Limited (“RSBVL”), a
a wholly-owned subsidiary of Reliance Industries Limited announced that it has acquired
additional equity stake in its investee company skyTran Inc. (“Skytrain”) for a consideration
of USD 26.76 million increasing its shareholding to 54.46% on a fully diluted basis.

 

skyTran is a technology company incorporated under the laws of Delaware, United States
of America (USA) in 2011. skyTran has developed breakthrough passive magnetic levitation
& propulsion technology for implementing personal transportation systems aimed at solving
the problem of traffic congestion globally. The technology has been developed by skyTran
to create Smart Mobility Solutions.

 

 

The proposed skyTran transportation systems would consist of computer-controlled passenger pods running on its state-of-the-art, patented Passive Magnetic Levitation technology and would use cutting edge IT, Telecom, loT, and Advanced Materials technologies to transport passengers in a fast, safe, green, and
economical manner. It is also supported by notable global venture capital investors such as
Innovation Endeavors.

 

Mr. Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said,
“Our acquiring majority equity stake in skyTran reflects our commitment to investing in building
futuristic technologies that would transform the world. We are excited by skyTran’s potential
to achieve an order of magnitude impact on highspeed intra and inter-city connectivity and its ability to provide a high speed, highly efficient, and economical ‘Transportation-As-A-Service’ platform for India and the Rest of the World. We firmly believe that non-polluting high speed personal rapid transportation system will help facilitate environmental sustainability through efficient use of alternative energy and make an impactful reduction in
air and noise pollution.”

 

The law firms Covington & Burling LLP and Freshfields Bruckhaus Deringer US LLP acted
as legal counsel and IP counsel respectively to Reliance Industries.

 

RIL is India’s largest private sector company, with a consolidated turnover of INR 659,205
crore ($87.1 billion), cash profit of INR 71,446 crore ($9.4 billion), and net profit of INR
39,880 crore ($5.3 billion) for the year ended March 31, 2020.

 

RELIANCE ACQUIRES/RELIANCE ACQUIRES /RELIANCE ACQUIRES

 

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